Located at the corner of Woodward and Michigan Avenues across from Campus Martius Park, the 23-story 1001 Woodward features 275,000 square-feet of office space and ground-floor retail.

The tower dates to 1965 and was originally built for the First Federal Savings and Loan of Detroit.

The property is currently 68 percent occupied. Quicken Loans will lease 65,000 square feet, bringing the occupancy of the building to 87 percent.

Also included in the acquisition is an attached parking structure providing 730 spaces and 15,000 square feet of first floor retail space facing Woodward Avenue.

“Detroit has become a key destination for brain economy companies,” Gilbert said in a statement. “The acquisition of the 1001 Woodward building allows us to continue to offer premium office space at affordable rates for those looking to join us in the technology district that is gaining more and more momentum each and every day.”

With this acquisition, Rock Ventures’ real estate portfolio now totals 2.9 million square feet of commercial and residential space in Detroit’s downtown core. The group also owns several parking garages and a surface lot totaling 4,250 parking spaces. In addition, the company is currently developing a 33,000 square-foot specialty retail development and a 10-story parking garage.